OPEC upgrades average daily production outlook for Azerbaijan this year

The Organization of the Petroleum Exporting Countries (OPEC) has increased its average daily production of liquid hydrocarbons in Azerbaijan for 2022 by 47 thousand barrels, Report informs, citing the information released by the institution for July.

The forecast for daily production of liquid hydrocarbons in Azerbaijan in 2022 remains the same, at the level of 800,000 barrels.

According to OPEC estimates, the average daily production of oil and other liquid hydrocarbons in Azerbaijan increased by 10,000 barrels, reaching 700,000 barrels in 2021.

OPEC's forecast states that in May of this year, the average daily production of oil and other liquid hydrocarbons in the country decreased by 8,000 barrels, and increased by 34,000 barrels compared to the previous year, reaching 700,000 barrels.

Azerbaijan's liquids production in May declined by a minor 8,000 daily month-on-month but was up by 34,000 barrels a daily year-on-year. Crude production decreased by 8,000 barrels month-on-month to an average of 571,000 barrels daily, while NGL output averaged unchanged at 148,000 barrels daily, according to official sources.

No new projects are expected to come online in the country in 2022, and the primary declines in the legacy fields are expected to be offset by ramp-ups in other fields, such as Shah Deniz Phase 2.